Malaysian share prices closed 0.26 percent higher on Monday on gains in construction on expectations of wide ranging benefits from the government's five-year development plan to be unveiled later this week, dealers said.
The Kuala Lumpur composite index added 2.39 points to 928.48.
Gainers led losers 397 to 335, with 328 stocks unchanged and 263 untraded. Volume was 923.79 million shares worth 956.57 million ringgit (259 million dollars). The ringgit was traded at 3.6955 to the dollar and 4.4484 to the euro. "Profit-taking alternated with bargain-hunting throughout the day, but there was some buying in selected blue chips towards the close, hence the slightly stronger finish," a local brokerage dealer said.
He said construction stocks remained in focus on expectations of higher allocations for infrastructure development under the Ninth Malaysia Plan to be announced on Friday.
Among blue chips, Telekom Malaysia rose 0.15 rgt to close at 9.45, Maybank gained 0.10 to 10.90, while Tenaga Nasional fell 0.10 ringgit to 8.40.
Government-linked construction stocks that attracted interest on speculation that they may be taken private by state investment arm Khazanah Nasional include UEM World, posting a 0.03 gain to 0.855, UEM Builders which edged up 0.02 at 1.02, PLUS Expressways up 0.02 at 2.70 and Malaysia Resources Corp up 0.03 at 0.68.
Other larger-cap construction stocks also rose, with Gamuda up 0.10 at 3.78, Road Builder Holdings up 0.01 at 1.99 and IJM Corp, up 0.25 at 5.25.
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